Bronet Group to invest Rs. 200 crores in Kerala

Kozhikode: Dubai-headquartered Bronet Group, which is into retail, trading, IT , telecom and health care in the Middle East, Singapore and Hong Kong, will invest Rs. 200 crores across various sectors in Kerala over the next three to four years as part of its expansion plans.

To begin with, the Group will launch state-of-the-art international furniture and home accessories showroom under the brand name ‘Stories’ in Kozhikode. The showroom is spread across more than one lakh sq. ft. and will be launched by the end of January 2015. The Group plans to open a similar showroom in Kochi and in due course expand to Bangalore, Chennai, Pune and Hyderabad.

Briefing the media, Haris K P, Chairman of Bronet Group said, “We have built up successful businesses in the Middle East, Singapore and Hong Kong over the past one- and-a- half decade. But our roots are here, particularly in Kozhikode, so we are investing in Kerala.”

“We have been operating in Kerala at a minimal level for the last three to four years. Given the current conducive environment for investments in Kerala, we have decided to go for a major expansion,” he added.

Bronet will also widen its network of medical shops operating under the brand name ‘Open Medicines’ from the existing 10 to 350 in the next three years in Kerala.

Saheer K P, Managing Director of Bronet Group said, “We are targeting to create 2,000 additional job opportunities through the new projects. The funds for the expansion have been met through internal accruals and institutional borrowings. We will also be expanding our furniture manufacturing facility in Kozhikode.”

Abdul Nazeer K P, Managing Director of Bronet Group said, “Currently only 15 per cent of the furniture market in the country is organised. By establishing our unique brand Stories, we target to increase our market share in the organized furniture retail space in the next five years.”